ORDER OF THE MINISTRY OF FINANCE OF UKRAINE

of November 25, 2014 No. 1163

About approval of Changes in some regulatory legal acts of the Ministry of Finance of Ukraine on financial accounting

According to Article 56 of the Budget code of Ukraine, part two of article 6 of the Law of Ukraine "About financial accounting and the financial reporting in Ukraine", I order to the subitem 5 of item 4 of the Regulations on the Ministry of Finance of Ukraine approved by the resolution of the Cabinet of Ministers of Ukraine of August 20, 2014 No. 375,:

1. Approve Changes in some regulatory legal acts of the Ministry of Finance of Ukraine on financial accounting which are attached.

2. Recognize to invalid:

The accounting regulation of non-current assets of budgetary institutions and Accounting regulation of financial investments of budgetary institutions approved by the order of the Ministry of Finance of Ukraine of June 26, 2013 No. 611, registered in the Ministry of Justice of Ukraine on July 18, 2013 for No. 1214/23746 (with changes) and No. 1215/23747 respectively;

Item 1 of the order of the Ministry of Finance of Ukraine of November 14, 2013 No. 947 "About approval of the Accounting regulation of inventories of budgetary institutions and modification of some regulatory legal acts on financial accounting of budgetary institutions", registered in the Ministry of Justice of Ukraine on December 5, 2013 on No. 2063/24595 (with changes),

The accounting regulation of inventories of budgetary institutions approved by the order of the Ministry of Finance of Ukraine of November 14, 2013 No. 947 "About approval of the Accounting regulation of inventories of budgetary institutions and modification of some regulatory legal acts on financial accounting of budgetary institutions", registered in the Ministry of Justice Ukraine on December 5, 2013 at No. 2063/24595 (with changes);

3. To department of tax, customs policy and methodology of financial accounting (Chmeruk N. A.) in accordance with the established procedure to provide submission of this order on state registration in the Ministry of Justice of Ukraine.

4. In ten-day time from the date of state registration of this order in the Ministry of Justice of Ukraine to provide to department of ensuring activities of the Minister (patronage service) of the Ministry of Finance of Ukraine (Chuprinenko R. S.) its promulgation on the official website of the Ministry of Finance of Ukraine on the Internet.

5. This order becomes effective from the date of its official publication, except Items 1 and 2 of this order which become effective since January 1, 2015.

6. To impose control over the implementation of this order on the deputy minister Fudashkin D. A.

 

Approved by the Order of the Ministry of Finance of Ukraine of November 25, 2014 No. 1163

Changes in some regulatory legal acts of the Ministry of Finance of Ukraine on financial accounting

1. In Item 2 of the order of the Ministry of Finance of Ukraine of December 28, 2009 No. 1541 "About approval of national provision (standard) of the financial accounting in public sector 101 "Accounts presentations" registered in the Ministry of Justice of Ukraine on January 28, 2010 on No. 103/17398 (with changes), figures "2015" to replace with figures "2016".

2. In the National provision (standard) of financial accounting in the public sector 121 "Fixed assets" approved by the order of the Ministry of Finance of Ukraine of October 12, 2010 No. 1202, registered in the Ministry of Justice of Ukraine on November 1, 2010 on No. 1017/18312:

2.1. In the Section I:

Item 1 to state 1) in the following edition:

"1. This National provision (standard) determines methodological bases of forming in financial accounting and disclosures in the financial reporting of information on fixed assets, other non-current tangible assets (further - fixed assets) and incomplete capital investments into non-current tangible assets.";

Item 2 after words "subjects of financial accounting in public sector" to add 2) with words "(further - subjects of public sector)";

3) in item 4:

in the paragraph the fourteenth words", and also advance payments for financing of construction" to exclude;

the twentieth to state the paragraph in the following edition:

"Fair value - the amount on which it is possible to sell asset or to pay obligations in case of usual conditions for certain date;";

to state the paragraph of the twenty second in the following edition:

"Subjects of financial accounting in public sector are managers of budgetary funds, the Public treasurer service of Ukraine and funds of obligatory national social and pension insurance;";

2.2. In the Section II:

1) in Item 3:

in subitem 3.1:

to add subitem 3.1.7 after the word "animals" with the words "and long-term plantings";

exclude subitem 3.1.8.

With respect thereto to consider subitem 3.1.9 subitem 3.1.8;

in subitem 3.2:

in the paragraph the second the subitem 3.2.3 of figure "1000" to replace with figures "2500" and after the words "one year" to add with words and figures ", and scenic and production means the cost which is not exceeding 5000 hryvnias for unit";

state subitems 3.2.7 and 3.2.8 in the following edition:

"3.2.7. Non-current tangible assets of special purpose.

3.2.8. Other non-current tangible assets.";

exclude subitem 3.3;

The paragraph of the sixth of item 4 to state 2) in the following edition:

"Residual cost of the transferred fixed asset object in case of obtaining as a result of exchange for other asset";

The paragraph the ninth Item 5 to state 3) in the following edition:

"Financial expenses do not join in original cost of the fixed assets acquired (created) fully or partially due to borrowings (except for the financial expenses included in cost of qualification assets according to national provisions (standards) of financial accounting in public sector).";

4) to add Item 8 with the new paragraph of the following content:

"If there is no reliable information about original cost of fixed assets, the original cost is determined at the level of fair value on the date of receipt which assessment is carried out according to the legislation.";

Paragraph one of Item 9 after the words "in the absence of the active market" to add 5) with words ", and also";

Item 10 to state 6) in the following edition:

"10. Original cost of the fixed asset object received as a result of exchange for other asset is residual cost of the transferred fixed asset object. If residual cost of the transferred fixed asset object is equal to zero, then original cost of the received fixed asset object is its fair value for date of receipt.";

7) to add the Section with new Items 12, 13 following contents:

"12. The simplified, group or other specific accounting treatment is applied to other non-current tangible assets.

13. Books, benefits and other editions entering into fund of libraries are considered on group accounting and nominal prices, including the cost of initial binding works. Repair expenses and restoration of books including for repeated binding works, on value addition of books do not belong, and are recognized expenses of the accounting period in which they were suffered.";

2.3. In the Section III:

1) to add Item 3 with the new paragraph of the following content:

"The decision on carrying out revaluation of fixed asset objects by the subject of public sector is approved with body, authorized to manage objects of the state-owned (utility) property if such is determined.";

Shall be replaced with words 2) in Item 7 of the word of "fund of revaluation of assets" "the capital in revaluations";

3) in Item 8:

in paragraph one:

exclude the words "in reporting year";

shall be replaced with words words of "fund of revaluation" "the capital in revaluations";

in the paragraph the second shall be replaced with words words of "fund of revaluation" "the capital in revaluations";

Item 9 to state 4) in the following edition:

"9. Excess of the amounts of the previous revaluations of fixed asset object over the amount of the previous writedowns of residual cost of this fixed asset object annually in the amount pro rata to depreciation, belongs to cumulative financial result of accomplishment of the estimate with simultaneous capital reduction in assessment, and in case of disposal of fixed asset object - on all amount of remaining balance of excess of the amounts of the previous revaluations of this fixed asset object over the amount of the previous writedowns.";

2.4. In the Section IV:

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